PRESS RELEASE

For Immediate Release

Date: June 12, 2024

Contact: Tim Hindes, tim@trailblazecreative.com, 412-480-3614

Link to Google Drive for Photos

Affordable Housing Opportunities Coming to Fifth Avenue

Beacon Communities Breaks Ground on The Standard on Fifth

PITTSBURGH, PA – Beacon Communities is proud to announce that construction has begun on The Standard on Fifth, made possible through collaboration with Uptown Partners of Pittsburgh, and the Pennsylvania Housing Finance Agency (PHFA). The development is located in Pittsburgh’s Uptown neighborhood, featuring 51 mixed-income rental apartments of which 78% will be affordable and 22% will be market rate. Amenities will include a fitness center, laundry room, pet wash, bike room, , a reception area, a management suite, and a community room.

“We are proud of our deep partnership with the City of Pittsburgh and our accomplishments here,” said Dara Kovel, CEO of Beacon Communities. “Building communities like The Carina, a former historic Jewish Synagogue now home to 45 mixed-income apartments, and the focus of today’s celebration – The Standard on Fifth – only happens with the support of the City, the Housing Authority and our state partner, PHFA. Partnerships like these allow us to address the pressing need for quality, affordable housing.”

Robin Wiessmann, Executive Director and CEO of the PHFA, said, “Affordable housing is necessary for helping residents of Pennsylvania achieve their best quality of life. When housing is readily available at various income levels, it brings families together, stabilizes communities, and brings economic stimulus to a neighborhood. We hope that The Standard helps Pittsburgh’s Hill District grow in vitality and aids its residents in achieving their fullest potential.”

The much-anticipated apartment community will be in a central location, equidistant from downtown Pittsburgh and the Oakland neighborhood. With several market rate developments under construction and the city planning to add a bus rapid transit line directly on Fifth Avenue, the Uptown neighborhood is poised for growth.

This project is funded using 9% Low-Income Housing Tax Credit equity, Pennsylvania State Housing Tax Credits, soft debt from local sources, and permanent debt from PHFA. The project has been awarded 17 project-based vouchers from the Housing Authority of the City of Pittsburgh. According to the 2010 Census, median income was $42,000 compared to $52,000 for the city as a whole. The majority of residents are renters (60+%).^[1]

“The HACP has been committed to investing in Project-Based Voucher properties such as The Standard on Fifth since 2015. We will use every tool at our discretion in order to meet the growing demand for affordable housing in the City of Pittsburgh moving forward, continuing HACP’s vision of being a place to live and a path to launch for our residents.” Caster D. Binion, Executive Director, Housing Authority of the City of Pittsburgh

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About Beacon Communities LLC

Beacon Communities LLC is a privately owned real estate firm that develops, acquires, invests in, and manages a wide range of multi-family housing. Their portfolio includes affordable housing, market-rate housing and mixed income-housing. Their developments range from new construction, to historic adaptive reuse, to the renovation of existing housing. They take on challenging developments and make them succeed. Their driving passion is to create well-designed, healthy homes that enhance the neighborhoods in which they are located. For more information about Beacon Communities LLC please visit www.beaconcommunitiesllc.com

^[1] This data is from the 2017 Neighborhood Plan (EcoDistrict Innovation Plan) which draws from the 2010 census.